Frequently Asked Questions

What is an Owners Corporation?
An Owners Corporation manages the common property of a residential, commercial, retail, industrial or mixed use property development.

What is the role of an Owners Corporation manager?
An owners corporation manager must:
• manage and administer the common property
• repair and maintain the common property, fixtures and services
• acquire and maintain the required insurance
• raise fees from the lot owners to meet financial obligations
• prepare financial statements and keep financial records
• provide owners corporations certificates when requested
• keep an owners corporation register
• establish a grievance procedure.

The owners corporation manager must also:
• carry out any functions and duties under the Owners Corporations Act 2006, the Owners Corporations Regulations 2018, the owners corporation rules and any other law or regulation
• ensure compliance with the Act, the Regulations and the rules.

What does the Owners Corporation building insurance cover?
The minimum insurance required for an owners corporation is:
• reinstatement and replacement insurance of buildings on common property
• public liability insurance for the common property
• insurance for common property protects owners in the case of unexpected damage and injuries.
Each policy may vary in regards to extra protections that each group require. Please review your copy of the insurance policy to make sure your complex’s requirements are met.
A copy of your insurance certificate of currency can be found on the portals (online client login) for all Owner Corporations managed by Facey Owners Corp. Click on the Client Login menu option at http://faceyoc.com.au/ to access your account

What is a Committee? What is their function? Is a Committee compulsory?
A Committee is a group of the Owners Corporation Lot Owners who can be elected at any General Meeting. Their purpose is to act on behalf of all Lot Owners throughout the year should Management need to inform them of any matters that may arise.
If your complex consists of more than 13 Lots then a Committee is compulsory. If your complex consist of less than 12 lots then electing a committee is optional. Either way a Committee must have a minimum of 3 and maximum of 12 members

What is the purpose of an Annual General Meeting (AGM)?
The AGM is an annual assembly of Lot Owners to discuss any matter pertaining to the common property including reviewing the financial accounts of the complex. This meeting decides the annual budget for the running of the complex as well as sets out any maintenance for the year. Facey Owners Corp believes it is important for Lot Owners to attend this meeting so your input can be heard.

What is a Proxy form and how does it work?
A proxy form is a nomination form that gives a natural person the right to vote on behalf of a legal entity that has ownership of the lot. If a lot is owned by an entity other than a natural person, a proxy form is required to vote on all owners corporation matters. A proxy form must be signed by all lot owners/directors of the entity to be valid.

Who decides how much the budget is?
The budget is created at the annual general meeting. Each year lot owners will collectively discuss the requirements of the complex for the upcoming year and create a budget accordingly. This means that each year a budget can vary depending on the needs of the complex.

What are Special Rules?
A set of special rules can be created that work in conjunction with the Model rules to set out further restrictions on members of the owners corporation. These special rules are created specifically for each complex and are a legal resource for control, management, administration, use or enjoyment of the common property or lot.